| Sector | Regime | RS-Ratio | RS-Momentum | Tail | As of |
|---|---|---|---|---|---|
A Relative Rotation Graph plots each SPDR sector ETF against SPY on two axes centred on 100: JdK RS-Ratio (relative strength) horizontally and JdK RS-Momentum (its rate of change) vertically, each normalised as a 10-period z-score. Sectors rotate clockwise — Leading (top-right) → Weakening (bottom-right, still ahead but losing steam) → Lagging (bottom-left) → Improving (top-left, still behind but turning up) — so the tail matters more than the dot. The newest bar is plotted while its period is still running, and is marked with a hollow ring when it is. This describes relative performance that has already happened — it is not a forecast.